Dan,

FYI The last I in PITI is for Insurance.

I was curious about this myself. I finally saw that PITI means principal, interest, taxes, and (?) For all I knew TIC meant it was so upscale it did not have fleas but ticks instead.

tenants in common means do not buy. You will never own it and others can make you wish you had never seen the place. Like when you want a vacation there the same time all the others do.

Are you asking for

T.I. C

or

T L C

Most of time TLC is authored in MLS description means Tender Loving Care most likely a home require updating, may not pass inspection potential cash buyer. However best not pass it by determine what is required. Could be a great opp if you know how to redesign a home bring fashion forward.

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Hi Denise and thanks for your question.

If you mean "TIC" and not "TLC", then Bill Eckler is correct and the unit is a "tenants in common" rather than "TLC" which indicates that the home needs repairs (usually cosmetic versus structural repairs).

Usually a TIC or tenants in common unit means that a portion of ownership is being sold rather than out-right, 100 percent ownership of the home. Technically speaking, if there are multiple owners of a home, and each has an ownership share, any one owner may sell his portion of the home to another with the consent of the other owners. For example, if 4 people buy a home for $100K, and each has agreed to a 25% ownership, if one decides to sell his ownership in the home, he may do so and will advertise the sale as a TIC--meaning that the buyer is purchasing only a portion of the ownership. TIC sales often occur in vacation homes or beach-front properties (properties that are not occupied year round by one person) where several families or owners own one condo or home.

The right of survivorship that Bill mentioned earlier refers to what happens to the property interest if the TIC owner dies. In this case, if the TIC owner dies, his/her interest in the home passes to their estate and does not automatically transfer to the other owners. In a joint tenancy, however, if one joint tenant owner dies, the interest in the home automatically transfers to the other surviving owner--in other words, the "survivor" gets the house.

Hope this helps!!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA

If property needs cosmetis details TLC is communly used.
As Bill mention Tender Loving Care.
House needs TLC -a little bit of love- to make it a great home.

Denise,

It may be referring to "tenant In Common." Ownership of property by two or more persons, each of whom have an undivided interest without the right of suvivorship.

Probably tender loving care. If you can copy the whole description into an email and send, it might make more sense when seen in full context.